This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- JPMorgan and Indian financial institutions are piloting blockchain-based settlement systems, with the aim to settle dollar trades in real-time [source: CoinDesk]
The use of blockchain to remove the need for intermediaries will open up payment settlements and remove confines which have caused severe delays. From different legislation to different time zones, there are an array of reasons which delay the settlement period of payments. And for India which is dominated by payments through Swift, which is a US-based bank product, the difference is vast. And so 24/7 settlements will bring greater opportunity to India in trade and commerce as they build a stronger rapport with customers and businesses. – Jovi
- Amazon has partnered with Hexa to provide augmented reality content on the product pages of settling partners. [source: Internet Retailing]
In our competitive world, consumers are looking for the most efficient way to shop and at their optimal convenience. From payment methods to the shopping experience, customers are now demanding the highest quality at all times, moving in tandem with technological innovation. And so, alongside the use of fintech products, the implementation of technologies such as machine learning, artificial intelligence and augmented reality are shaping consumer experience, and Amazon’s step to enhancing their immersive shopping experience will reap greater benefits economically. – Jovi
- Australia will be phasing out cheques by 2030, as they make up just 0.2% of non-cash payments. [source: Finextra]
Payment methods continually transform, and with growing cashless societies, it is unsurprising to hear of Australia’s step. Cheques are already a less favourable payment method, and are more exposed to risk of fraud because of their paper-based nature. Whilst it is arguable that the future is not truly entirely cashless, the replacement of cheques with electronic alternatives will bring a greater sense of security and efficiency to Australia’s payment systems. – Jovi
See you next week, back in the blog for your next weekly news roundup.